Remortgage has become more than a relevant tool within the UK housing market lending landscape. It is more than just a method to saving money off the cost of the monthly mortgage repayment amount. It has now reached mainstream level with widespread popularity for anyone owning property across the country. However, a recent survey conducted by Which? Mortgage Advisors has offered some surprising results for many economists and those close to the housing market.

The survey conducted involved 3,500 house owners and centered on mortgage lending and other related general knowledge about home loans. The results were quite interesting and surprising at the same time.

Although the mortgage lending situation all house owners find themselves in currently greatly affects their monthly outgoings, many are unaware of how much of an impact a remortgage could have on their overall financial future.

It is estimated many house owners are paying more than £350 extra per month on the cost of their mortgage repayment. This amounts to more than £4,000 for the entire year.

Thousands of house owners have remortgaged just this year and are now reaping the benefits of saving money on the cost of the monthly mortgage. Not only that, they are also using the process of remortgage to obtain cash through the home equity which has been built over time.

The survey pointed out how important the remortgage process is and how it can change the financial future of those owning homes today. There is great competition taking place within the remortgage community. Lenders of all sizes and types are offering remortgage deals featuring low interest rates and numerous incentives.